Interactive Brokers

Live  

Interactive Brokers is a US-based online brokerage firm that was founded in 1977 by Thomas Peterffy. The company offers trading in stocks, options, futures, forex, bonds, and mutual funds through its proprietary trading platform called Trader Workstation (TWS).
Interactive Brokers also offers services for professional and institutional traders, including access to global markets, direct market access, and prime brokerage services. The company has a strong presence in the global market, with offices in major financial centers around the world, including the United States, Australia, Canada, Hong Kong, Japan, and the United Kingdom.
As of 2021, Interactive Brokers is a publicly-traded company on the Nasdaq exchange, with a market capitalization of over $32 billion. It is regulated by several financial authorities, including the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
The company is known for its low trading fees and advanced trading technology, making it a popular choice among active and professional traders. Additionally, Interactive Brokers provides educational resources and analysis tools to help traders make informed decisions.

SW50ZXJhY3 RpdmUgQnJv a2VycyBpcy BhIGNvbXBh bnkgdGhhdC BoZWxwcyBw ZW9wbGUgYn V5IGFuZCBz ZWxsIHN0b2 NrcyBhbmQg b3RoZXIgaW 52ZXN0bWVu dHMuIFRoaW 5rIG9mIGl0 IGxpa2UgYS BkaWdpdGFs IG1hcmtldH BsYWNlIHdo ZXJlIHlvdS BjYW4gdHJh ZGUgdGhpbm dzIGxpa2Ug Y29tcGFuaW Vz4oCZIHNo YXJlcywgd2 hpY2ggYXJl IHBpZWNlcy BvZiBvd25l cnNoaXAgaW 4gdGhvc2Ug Y29tcGFuaW VzLiBJZiB5 b3Ugd2FudC B0byBvd24g YSB0aW55IH BhcnQgb2Yg YSBiaWcgY2 9tcGFueSBs aWtlIEFwcG xlIG9yIEFt YXpvbiwgeW 91IGNhbiBk byB0aGF0IH Rocm91Z2gg SW50ZXJhY3 RpdmUgQnJv a2Vycy48Yn I+VGhlIHdh eSB0aGUgY2 9tcGFueSBt YWtlcyBtb2 5leSBpcyBi eSBjaGFyZ2 luZyBzbWFs bCBmZWVzIH doZW5ldmVy IHNvbWVvbm UgYnV5cyBv ciBzZWxscy BhbiBpbnZl c3RtZW50Li BUaGV5IGFs c28gbWFrZS Btb25leSBi eSBsZW5kaW 5nIG91dCBz dG9ja3MgYW 5kIGJ5IGhl bHBpbmcgcG VvcGxlIG1h bmFnZSB0aG VpciBpbnZl c3RtZW50cy 4gU28sIHdo ZW4geW91IH RyYWRlLCB0 aGV5IGdldC BhIGxpdHRs ZSBiaXQgb2 YgbW9uZXkg Zm9yIGVhY2 ggdHJhbnNh Y3Rpb24sIH doaWNoIGFk ZHMgdXAgdG 8gYSBsb3Qg d2hlbiBtYW 55IHBlb3Bs ZSB1c2UgdG hlaXIgc2Vy dmljZXMuPG JyPkludGVy YWN0aXZlIE Jyb2tlcnMg aXMgc3VjY2 Vzc2Z1bCBm b3IgYSBmZX cgcmVhc29u cy4gRmlyc3 QsIHRoZXkg aGF2ZSBsb3 cgZmVlcywg d2hpY2ggbW VhbnMgcGVv cGxlIGNhbi B0cmFkZSB3 aXRob3V0IH BheWluZyB0 b28gbXVjaC Btb25leS4g U2Vjb25kLC B0aGV5IG9m ZmVyIGxvdH Mgb2YgdG9v bHMgYW5kIG luZm9ybWF0 aW9uIHRvIG hlbHAgdHJh ZGVycyBtYW tlIGdvb2Qg ZGVjaXNpb2 5zLiBUaGlz IGF0dHJhY3 RzIG1hbnkg Y3VzdG9tZX JzLCBib3Ro IHJlZ3VsYX IgZm9sa3Mg YW5kIGJpZy Bjb21wYW5p ZXMuIExhc3 RseSwgdGhl eSBoYXZlIG EgZ29vZCBy ZXB1dGF0aW 9uIGZvciBi ZWluZyB0cn VzdHdvcnRo eSBhbmQgc2 FmZS48YnI+ TG9va2luZy BpbnRvIHRo ZSBmdXR1cm UsIEludGVy YWN0aXZlIE Jyb2tlcnMg aXMgbGlrZW x5IHRvIHN0 YXkgc3VjY2 Vzc2Z1bCBi ZWNhdXNlIG 1vcmUgYW5k IG1vcmUgcG VvcGxlIGFy ZSBpbnRlcm VzdGVkIGlu IGludmVzdG luZyB0aGVp ciBtb25leS wgd2hldGhl ciB0aGV5IG FyZSB0ZWVu YWdlcnMsIG FkdWx0cywg b3IgZXZlbi ByZXRpcmVl cy4gVGVjaG 5vbG9neSBp cyBhbHNvIG dldHRpbmcg YmV0dGVyLC BtYWtpbmcg aXQgZWFzaW VyIGZvciBl dmVyeW9uZS B0byB1c2Ug dGhlaXIgc2 VydmljZXMu IEFzIGxvbm cgYXMgdGhl eSBrZWVwIH Byb3ZpZGlu ZyBnb29kIH ZhbHVlIGFu ZCBzdGF5IH VwLXRvLWRh dGUgd2l0aC BjaGFuZ2Vz IGluIHRlY2 hub2xvZ3kg YW5kIHJ1bG VzLCB0aGV5 IHdpbGwgcH JvYmFibHkg Y29udGludW UgdG8gZG8g d2VsbC48Yn I+

MS4gVGVjaG 5vbG9neS1k cml2ZW4gcG xhdGZvcm06 IEludGVyYW N0aXZlIEJy b2tlcnMgaX Mga25vd24g Zm9yIGl0cy BoaWdobHkg YWR2YW5jZW QgYW5kIGVm ZmljaWVudC B0cmFkaW5n IHBsYXRmb3 JtLiBUaGUg Y29tcGFueS BpbnZlc3Rz IGhlYXZpbH kgaW4gdGVj aG5vbG9neS B0byBlbnN1 cmUgZmFzdC BleGVjdXRp b24gb2YgdH JhZGVzIGFu ZCBhY2Nlc3 MgdG8gcmVh bC10aW1lIG 1hcmtldCBk YXRhLjxicj 4yLiBMb3cg dHJhZGluZy BmZWVzOiBJ bnRlcmFjdG l2ZSBCcm9r ZXJzIG9mZm VycyBvbmUg b2YgdGhlIG xvd2VzdCB0 cmFkaW5nIG ZlZXMgYW1v bmcgb25saW 5lIGJyb2tl cnMuIFRoZW lyIHRpZXJl ZCBwcmljaW 5nIHN0cnVj dHVyZSBhbm QgY29tbWlz c2lvbi1iYX NlZCBtb2Rl bCBhbGxvd3 MgdHJhZGVy cyB0byBjaG 9vc2UgdGhl IG1vc3QgY2 9zdC1lZmZl Y3RpdmUgb3 B0aW9uLjxi cj4zLiBXaW RlIHJhbmdl IG9mIGludm VzdG1lbnQg b2ZmZXJpbm dzOiBGcm9t IHN0b2Nrcy wgb3B0aW9u cywgZnV0dX JlcywgYW5k IGZvcmV4IH RvIGJvbmRz IGFuZCBtdX R1YWwgZnVu ZHMsIEludG VyYWN0aXZl IEJyb2tlcn Mgb2ZmZXJz IGEgZGl2ZX JzZSByYW5n ZSBvZiBpbn Zlc3RtZW50 IHByb2R1Y3 RzIGZvciB0 cmFkZXJzLj xicj40LiBH bG9iYWwgcm VhY2g6IElu dGVyYWN0aX ZlIEJyb2tl cnMgaXMgYS BtdWx0aW5h dGlvbmFsIG NvbXBhbnkg d2l0aCBhIH ByZXNlbmNl IGluIG92ZX IgMTM1IG1h cmtldHMuIF RoaXMgYWxs b3dzIHRyYW RlcnMgdG8g YWNjZXNzIG dsb2JhbCBt YXJrZXRzIG FuZCBkaXZl cnNpZnkgdG hlaXIgaW52 ZXN0bWVudC Bwb3J0Zm9s aW9zLjxicj 41LiBQcm9m ZXNzaW9uYW wgdHJhZGlu ZyB0b29scz ogVGhlIHBs YXRmb3JtIG 9mZmVycyBh IHdpZGUgcm FuZ2Ugb2Yg cHJvZmVzc2 lvbmFsLWdy YWRlIHRyYW RpbmcgdG9v bHMsIGluY2 x1ZGluZyBh bGdvcml0aG 1pYyB0cmFk aW5nLCByaX NrIG1hbmFn ZW1lbnQgdG 9vbHMsIGFu ZCBhZHZhbm NlZCBjaGFy dGluZyBhbm QgYW5hbHl0 aWNzLCBtYW tpbmcgaXQg YSBwb3B1bG FyIGNob2lj ZSBhbW9uZy Bwcm9mZXNz aW9uYWwgdH JhZGVycy48 YnI+Ni4gUm VndWxhdGVk IGFuZCByZX B1dGFibGU6 IEludGVyYW N0aXZlIEJy b2tlcnMgaX MgYSBwdWJs aWNseS10cm FkZWQgY29t cGFueSB3aX RoIGEgc3Ry b25nIHJlcH V0YXRpb24g YW5kIGlzIH JlZ3VsYXRl ZCBieSBtdW x0aXBsZSBm aW5hbmNpYW wgYXV0aG9y aXRpZXMsIG luY2x1ZGlu ZyB0aGUgVV MgU2VjdXJp dGllcyBhbm QgRXhjaGFu Z2UgQ29tbW lzc2lvbiAo U0VDKSBhbm QgdGhlIEZp bmFuY2lhbC BJbmR1c3Ry eSBSZWd1bG F0b3J5IEF1 dGhvcml0eS AoRklOUkEp Ljxicj43Li BMb3cgbWlu aW11bSBkZX Bvc2l0IHJl cXVpcmVtZW 50czogSW50 ZXJhY3Rpdm UgQnJva2Vy cyBoYXMgbG 93IG1pbmlt dW0gZGVwb3 NpdCByZXF1 aXJlbWVudH MsIG1ha2lu ZyBpdCBhY2 Nlc3NpYmxl IHRvIGEgd2 lkZSByYW5n ZSBvZiBpbn Zlc3RvcnMu PGJyPjguIF F1YWxpdHkg Y3VzdG9tZX Igc2Vydmlj ZTogVGhlIG NvbXBhbnkg aXMga25vd2 4gZm9yIGl0 cyByZXNwb2 5zaXZlIGFu ZCBoZWxwZn VsIGN1c3Rv bWVyIHNlcn ZpY2UsIHdp dGggc3VwcG 9ydCBhdmFp bGFibGUgaW 4gbXVsdGlw bGUgbGFuZ3 VhZ2VzLjxi cj45LiBFZH VjYXRpb25h bCByZXNvdX JjZXM6IElu dGVyYWN0aX ZlIEJyb2tl cnMgcHJvdm lkZXMgYSBy YW5nZSBvZi BlZHVjYXRp b25hbCByZX NvdXJjZXMg YW5kIHRvb2 xzIGZvciB0 cmFkZXJzIG 9mIGFsbCBs ZXZlbHMsIG luY2x1ZGlu ZyB3ZWJpbm Fycywgdmlk ZW8gdHV0b3 JpYWxzLCBh bmQgb25saW 5lIGNvdXJz ZXMuPGJyPj EwLiBQcmlt ZSBicm9rZX JhZ2Ugc2Vy dmljZXM6IE ZvciBpbnN0 aXR1dGlvbm FsIGNsaWVu dHMsIEludG VyYWN0aXZl IEJyb2tlcn Mgb2ZmZXJz IHByaW1lIG Jyb2tlcmFn ZSBzZXJ2aW NlcywgaW5j bHVkaW5nIH NlY3VyaXRp ZXMgbGVuZG luZywgdHJh ZGluZyB0ZW Nobm9sb2d5 LCBhbmQgZm luYW5jaW5n IG9wdGlvbn Mu

SW50ZXJhY3 RpdmUgQnJv a2VycyAoSU IpIGlzIGFu IG9ubGluZS BkaXNjb3Vu dCBicm9rZX JhZ2UgY29t cGFueSB0aG F0IG9mZmVy cyBsb3ctY2 9zdCB0cmFk aW5nIHNlcn ZpY2VzIGZv ciBzdG9ja3 MsIG9wdGlv bnMsIGZ1dH VyZXMsIGN1 cnJlbmNpZX MsIGFuZCBi b25kcyBpbi BvdmVyIDEw MCBtYXJrZX RzIHdvcmxk d2lkZS4gPG JyPlRoZSBj b21wYW554o CZcyBidXNp bmVzcyBtb2 RlbCBpcyBi YXNlZCBvbi Bwcm92aWRp bmcgYWR2YW 5jZWQgdHJh ZGluZyB0ZW Nobm9sb2d5 LCBzb3BoaX N0aWNhdGVk IHRyYWRpbm cgdG9vbHMs IGFuZCB1bH RyYS1sb3cg Y29tbWlzc2 lvbiByYXRl cyB0byBpbm RpdmlkdWFs IGFuZCBpbn N0aXR1dGlv bmFsIGludm VzdG9ycy4g SUIgYWxzby BvZmZlcnMg YSB3aWRlIH JhbmdlIG9m IHRyYWRpbm cgcGxhdGZv cm1zLCBpbm NsdWRpbmcg ZGVza3RvcC BhbmQgbW9i aWxlIGFwcG xpY2F0aW9u cywgdG8gY2 F0ZXIgdG8g dGhlIG5lZW RzIG9mIGRp ZmZlcmVudC B0eXBlcyBv ZiB0cmFkZX JzLiA8YnI+ SUIgZ2VuZX JhdGVzIHJl dmVudWUgcH JpbWFyaWx5 IHRocm91Z2 ggdHJhZGUg Y29tbWlzc2 lvbnMgYW5k IGZlZXMgY2 hhcmdlZCB0 byBpdHMgY2 xpZW50cyBm b3IgdGhlIG V4ZWN1dGlv biBvZiB0aG VpciB0cmFk ZXMuIFRoZS Bjb21wYW55 4oCZcyBjb2 1taXNzaW9u IHN0cnVjdH VyZSBpcyBi YXNlZCBvbi BhIHRpZXJl ZCBzeXN0ZW 0sIHdoZXJl IGNsaWVudH Mgd2hvIHRy YWRlIG1vcm UgZnJlcXVl bnRseSBhbm QgaW4gbGFy Z2VyIHZvbH VtZXMgcmVj ZWl2ZSBsb3 dlciBjb21t aXNzaW9uIH JhdGVzLiA8 YnI+SW4gYW RkaXRpb24g dG8gdHJhZG luZyBjb21t aXNzaW9ucy wgSUIgYWxz byBlYXJucy BpbmNvbWUg ZnJvbSBtYX JnaW4gbGVu ZGluZyB0by BjbGllbnRz LCBpbnRlcm VzdCBvbiBj bGllbnRz4o CZIGNhc2gg YmFsYW5jZX MsIGFuZCBm ZWVzIGZvci BhZGRpdGlv bmFsIHNlcn ZpY2VzIHN1 Y2ggYXMgZG F0YSBzdWJz Y3JpcHRpb2 5zIGFuZCBt YXJrZXQgcm VzZWFyY2gu IDxicj5JQu KAmXMgYnVz aW5lc3MgbW 9kZWwgYWxz byBpbmNsdW RlcyBhIGZv Y3VzIG9uIG Nvc3QgZWZm aWNpZW5jeS wgd2l0aCBh IGxlYW4gYW 5kIGF1dG9t YXRlZCBvcG VyYXRpb25h bCBzdHJ1Y3 R1cmUsIHdo aWNoIGFsbG 93cyB0aGUg Y29tcGFueS B0byBvZmZl ciBsb3ctY2 9zdCB0cmFk aW5nIHNlcn ZpY2VzIHRv IGl0cyBjbG llbnRzLiA8 YnI+T3Zlcm FsbCwgSULi gJlzIGJ1c2 luZXNzIG1v ZGVsIGNlbn RlcnMgYXJv dW5kIHByb3 ZpZGluZyB0 cmFkZXJzIH dpdGggY29t cHJlaGVuc2 l2ZSwgbG93 LWNvc3QsIG FuZCB0ZWNo bm9sb2dpY2 FsbHkgYWR2 YW5jZWQgdH JhZGluZyBz ZXJ2aWNlcy wgd2hpY2gg aGFzIGhlbH BlZCB0aGUg Y29tcGFueS BtYWludGFp biBhIHN0cm 9uZyBhbmQg c3RhYmxlIH Bvc2l0aW9u IGluIHRoZS BoaWdobHkg Y29tcGV0aX RpdmUgb25s aW5lIGJyb2 tlcmFnZSBp bmR1c3RyeS 4=

AI does have the potential to pose certain threats to Interactive Brokers’ products, services, and competitive positioning through various avenues such as substitution, disintermediation, and margin pressure.
1. Substitution: AI-driven platforms can automate trading and investment advisory services, potentially providing a more efficient alternative to traditional brokerage services. Robo-advisors and algorithmic trading platforms may attract customers who prefer automated, data-driven decisiomaking processes over human brokers, especially with younger, tech-savvy investors.
2. Disintermediation: AI has the ability to directly connect investors with financial markets, minimizing the need for intermediary brokers. This can lead to a reduction in the roles that firms like Interactive Brokers play, particularly if investors find platforms that allow them to execute trades directly for lower fees or better transparency.
3. Margin Pressure: AI can enable lower-cost trading solutions that could drive down pricing across the industry. If competitors leverage AI to reduce operational costs and improve efficiency, Interactive Brokers may feel the need to lower its fees to remain competitive. This could lead to decreased profit margins if the company cannot match the performance or cost structure of AI-driven alternatives.
In essence, while AI presents opportunities for enhancing services and improving efficiencies, it also carries risks for established brokerage firms like Interactive Brokers in terms of competitive positioning and the overall evolution of the financial services landscape. The key challenge will be for Interactive Brokers to adapt to these trends by integrating AI into its offerings and enhancing customer value.

Interactive Brokers’ earnings, cash flow, and valuation are quite sensitive to changes in interest rates due to several factors related to its business model.
1. Interest Income: A significant portion of Interactive Brokers’ revenue derives from interest income on cash balances held by customers. As interest rates rise, the company can earn more on these balances, contributing positively to earnings. Conversely, if rates decrease, interest income would decline, negatively impacting profitability.
2. Trading Volume: Interest rates can influence trading activity and investor sentiment. Higher rates can lead to decreased trading volumes as investors may be more cautious, which could negatively impact commission revenues. On the other hand, periods of rising interest rates can lead to increased volatility, potentially encouraging more trading activity.
3. Margin Lending: Interactive Brokers extends margin loans to clients, earning interest on these loans. Changes in interest rates affect the cost of borrowing for clients, which can lead to fluctuations in margin loan demand. If rates rise significantly, it may deter borrowing, negatively impacting cash flow from margin interest.
4. Valuation Sensitivity: The valuation of financial services firms, including Interactive Brokers, is often tied to projections of future earnings growth, which can be sensitive to interest rates. Higher rates may diminish growth prospects if they reduce trading volumes and investment activities, leading to lower valuations.
5. Dividend and Retained Earnings: Changes in interest rates can also affect retained earnings and dividend policies. Higher rates may create opportunities for more attractive investments, influencing how funds are allocated, which impacts cash flow and long-term financial strategy.
In summary, Interactive Brokers is sensitive to fluctuations in interest rates across various aspects of its business, including revenue generation from interest income, trading volumes, margin lending, and overall company valuation.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BJbnRlcmFj dGl2ZSBCcm 9rZXJz4oCZ IGVjb25vbW ljcyBvdmVy IHRoZSBuZX h0IDPigJM1 IHllYXJzIG lzIGEgc2ln bmlmaWNhbn QgYW5kIHBy b2xvbmdlZC BkZWNsaW5l IGluIHRyYW Rpbmcgdm9s dW1lcyBkdW UgdG8gYSBj b21iaW5hdG lvbiBvZiBy ZWd1bGF0b3 J5IGNoYW5n ZXMsIG1hcm tldCBzYXR1 cmF0aW9uLC BhbmQgYSBz aGlmdCBpbi BpbnZlc3Rv ciBiZWhhdm lvci4gPGJy PklmIHRoZS ByZWd1bGF0 b3J5IGVudm lyb25tZW50 IHdlcmUgdG 8gdGlnaHRl biBjb25zaW RlcmFibHks IGltcG9zaW 5nIHN0cmlj dGVyIHJlcX VpcmVtZW50 cyBvciBsaW 1pdGF0aW9u cyBvbiB0cm FkaW5nIGFj dGl2aXRpZX MsIHRoaXMg Y291bGQgZG lzY291cmFn ZSByZXRhaW wgYW5kIGlu c3RpdHV0aW 9uYWwgaW52 ZXN0b3JzIG Zyb20gZW5n YWdpbmcgaW 4gZnJlcXVl bnQgdHJhZG luZy4gRm9y IGluc3Rhbm NlLCBpZiBy ZWd1bGF0b3 JzIGludHJv ZHVjZWQgaG lnaCB0cmFu c2FjdGlvbi BmZWVzIG9y IGxpbWl0ZW QgdGhlIHVz ZSBvZiBsZX ZlcmFnZSwg aXQgY291bG QgbGVhZCB0 byBhIHJlZH VjdGlvbiBp biBtYXJnaW 5zIG9uIGVh Y2ggdHJhZG UuIE1vcmVv dmVyLCBpZi BtYXJrZXQg Y29uZGl0aW 9ucyBiZWNv bWUgbGVzcy B2b2xhdGls ZSBvdmVyIG FuIGV4dGVu ZGVkIHBlcm lvZCwgdHJh ZGluZyB2b2 x1bWVzIGNv dWxkIGRyb3 AgYXMgaW52 ZXN0b3JzIG 1heSBiZSBs ZXNzIGluY2 xpbmVkIHRv IGV4ZWN1dG UgdHJhZGVz IGluIGEgZm xhdCBtYXJr ZXQuIDxicj 5JbiBhZGRp dGlvbiwgaW YgaW50ZXJl c3QgcmF0ZX Mgd2VyZSB0 byBzdGFiaW xpemUgb3Ig ZGVjbGluZS BvdmVyIHRp bWUsIEludG VyYWN0aXZl IEJyb2tlcn MgY291bGQg c2VlIGEgcm VkdWN0aW9u IGluIGl0cy BpbnRlcmVz dCBpbmNvbW UgZnJvbSBj YXNoIGhlbG QgaW4gY3Vz dG9tZXIgYW Njb3VudHMg YW5kIG1hcm dpbiBsb2Fu cy4gVGhpcy BzY2VuYXJp byBjb3VsZC BsZWFkIHRv IGEgc3RydW N0dXJhbCBj aGFuZ2UgaW 4gY3VzdG9t ZXIgYmVoYX Zpb3IsIHdp dGggbW9yZS BpbmRpdmlk dWFscyBvcH RpbmcgZm9y IGxvbmctdG VybSBpbnZl c3RtZW50IH N0cmF0ZWdp ZXMgb3Zlci BhY3RpdmUg dHJhZGluZy 4gPGJyPlRo ZSBjb21iaW 5lZCBlZmZl Y3Qgb2YgZG VjcmVhc2Vk IHRyYWRpbm cgdm9sdW1l IGFuZCBwcm 9maXRhYmls aXR5IHBlci B0cmFkZSBj b3VsZCByZX N1bHQgaW4g bG93ZXIgcm V2ZW51ZSBn cm93dGggb3 IgZXZlbiBh IGRlY2xpbm UgaW4gb3Zl cmFsbCByZX ZlbnVlcy4g VW5kZXIgdG hpcyBzY2Vu YXJpbywgSW 50ZXJhY3Rp dmUgQnJva2 Vyc+KAmSBt YXJnaW5zIH dvdWxkIGxp a2VseSBjb2 1wcmVzcyBz aWduaWZpY2 FudGx5LCBh cyBmaXhlZC Bjb3N0cyBy ZW1haW4gd2 hpbGUgdHJh ZGluZyB2b2 x1bWVzIGRy b3AuIFRoZS Bjb21wYW55 IG1pZ2h0IG ZpbmQgaXQg Y2hhbGxlbm dpbmcgdG8g bWFpbnRhaW 4gaXRzIGhp c3RvcmljYW xseSBoaWdo IG9wZXJhdG luZyBtYXJn aW5zLjxicj 5JbiB0ZXJt cyBvZiBjYX NoIGZsb3cs IHJlZHVjZW QgdHJhZGlu ZyBhY3Rpdm l0eSB3b3Vs ZCBsZWFkIH RvIGxvd2Vy IGNhc2ggaW 5mbG93cywg aW1wYWN0aW 5nIHRoZSBj b21wYW554o CZcyBhYmls aXR5IHRvIG ludmVzdCBp biB0ZWNobm 9sb2d5LCBl eHBhbmQgc2 VydmljZSBv ZmZlcmluZ3 MsIG9yIHJl dHVybiBjYX BpdGFsIHRv IHNoYXJlaG 9sZGVycy4g VGhlIG92ZX JhbGwgY2Fz aCBmbG93IG Zyb20gb3Bl cmF0aW9ucy Bjb3VsZCBh bHNvIGRlY3 JlYXNlLCBm b3JjaW5nIH RoZSBjb21w YW55IHRvIH JlZXZhbHVh dGUgY2FwaX RhbCBleHBl bmRpdHVyZX MgYW5kIHBv c3NpYmx5IG RlbGF5IHN0 cmF0ZWdpYy Bpbml0aWF0 aXZlcy48Yn I+T24gdGhl IGJhbGFuY2 Ugc2hlZXQs IGEgZGVjbG luZSBpbiBy ZXZlbnVlcy BhbmQgY2Fz aCBmbG93IG NvdWxkIGxl YWQgdG8gd2 Vha2VyIGFz c2V0IGdyb3 d0aC4gSWYg dGhlIGNvbX BhbnkgcmVs aWVkIG9uIG RlYnQgdG8g ZmluYW5jZS BvcGVyYXRp b25zIG9yIG V4cGFuc2lv bnMgZHVlIH RvIHJlZHVj ZWQgY2FzaC BmbG93LCBp dHMgbGV2ZX JhZ2UgcmF0 aW9zIGNvdW xkIGluY3Jl YXNlLCBsZW FkaW5nIHRv IHBvdGVudG lhbCBjcmVk aXR3b3J0aG luZXNzIGNv bmNlcm5zLi BJbiB0aGUg d29yc3QtY2 FzZSBzY2Vu YXJpbywgdG hlIHdyaXRl LWRvd25zIG luIGludGFu Z2libGUgYX NzZXRzIG9y IGdvb2R3aW xsIGR1ZSB0 byByZWR1Y2 VkIG1hcmtl dCBwcmVzZW 5jZSBjb3Vs ZCBhbHNvIG ltcGFpciB0 aGUgYmFsYW 5jZSBzaGVl dC48YnI+T3 ZlcmFsbCwg dGhpcyBzY2 VuYXJpbyB3 b3VsZCBub3 Qgb25seSBp bXBhaXIgSW 50ZXJhY3Rp dmUgQnJva2 Vyc+KAmSBl Y29ub21pY3 MgYnV0IGNv dWxkIGFsc2 8gcmVxdWly ZSBhIHN0cm F0ZWdpYyBw aXZvdCB0by BhZGFwdCB0 byBuZXcgbW Fya2V0IHJl YWxpdGllcy wgcG90ZW50 aWFsbHkgcm VzdWx0aW5n IGluIGEgbW 9yZSBjb25z ZXJ2YXRpdm UgZ3Jvd3Ro IG91dGxvb2 sgYW5kIGlu Y3JlYXNlZC BvcGVyYXRp b25hbCBjaG FsbGVuZ2Vz Ljxicj4=

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvZk tQWDhYcFR1 M2xDbVB2RH BTZ1Qud2Vi cCIgYWx0PS JJbnRlcmFj dGl2ZSBCcm 9rZXJzIiB0 aXRsZT0iSW 50ZXJhY3Rp dmUgQnJva2 VycyIgIGNs YXNzPSJpbW ctZmx1aWQi IGhlaWdodD 01MCB3aWR0 aD01MCBsb2 FkaW5nPSds YXp5JyBzdH lsZT0nYm9y ZGVyLXJhZG l1czogNnB4 Oyc+CgogIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 ZsZXg6IDE7 IHRleHQtYW xpZ246IGNl bnRlcjsgbW FyZ2luLWxl ZnQ6IDVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8cC BzdHlsZT0n Zm9udC1zaX plOiAyNnB4 OyBjb2xvcj ogIzMzMzsg bWFyZ2luLW JvdHRvbTog MTVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TiCBXYW50 IHRvIHJlYW QgbW9yZSBh Ym91dCBJbn RlcmFjdGl2 ZSBCcm9rZX JzPwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+Tli BHZXQgaW5z aWdodHMgZn JvbSA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+IG 5vdyEKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdTVzUw WlggSmhZM1 JwZG1VZyBR bkp2YTJWeW N5IEIzWVhN Z1ptOTEgYm 1SbFpDQnBi aSBBeE9UYz NJR0o1IElG Um9iMjFoY3 kgQlFaWFJs Y21abSBlU3 dnZDJodklI IEJwYjI1bF pYSmwgWkNC MGFHVWdkWC BObElHOW1J R052IGJYQj FkR1Z5SUgg UmxZMmh1Yj J4diBaM2tn YVc0Z2IzIE IwYVc5dWN5 QjAgY21Ga2 FXNW5MaiB4 aWNqNHlMaU JVIGFHVWdZ Mjl0Y0cgRn VlZUtBbVhN ZyBhR1ZoWk hGMVlYIEow WlhKeklHRn kgWlNCc2Iy TmhkRyBWa0 lHbHVJRWR5 IFpXVnVkMm xqYUMgd2dR Mjl1Ym1Wai BkR2xqZFhR c0lHIEoxZE NCcGRDQm8g WVhNZ2IyWm 1hVyBObGN5 QnBiaUJ1IG RXMWxjbTkx Y3kgQmpiM1 Z1ZEhKcCBa WE1nWVhKdm RXIDVrSUhS b1pTQjMgYj NKc1pDd2dh VyA1amJIVm thVzVuIElI Um9aU0JWYm 0gbDBaV1Fn UzJsdSBaMl J2YlN3Z1FY IFZ6ZEhKaG JHbGggTENC SWIyNW5JRS B0dmJtY3NJ R0Z1IFpDQk pibVJwWVMg NDhZbkkrTX k0ZyBTVzUw WlhKaFkzIF JwZG1VZ1Fu SnYgYTJWeW N5QnBjeSBC dmJtVWdiMl lnIGRHaGxJ R3hoY20gZG xjM1FnWld4 bCBZM1J5Yj I1cFl5IEJp Y205clpYSm ggWjJVZ1pt bHliWCBNZ2 FXNGdkR2hs IElIZHZjbX hrTEMgQjNh WFJvSUc5Mi BaWElnTVM0 MUlHIDFwYk d4cGIyNGcg WTJ4cFpXNT BJRyBGalky OTFiblJ6IE lHRnVaQ0Fr TVQgY3dJR0 pwYkd4cCBi MjRnYVc0Z1 kzIFZ6ZEc5 dFpYSWcgWl hGMWFYUjVJ RyBGeklHOW 1JREl3IE1q RXVQR0p5UG ogUXVJRlJv WlNCaiBiMj F3WVc1NUlH IDltWm1WeW N5QmggSUhk cFpHVWdjbS BGdVoyVWdi MllnIFptbH VZVzVqYVcg RnNJSEJ5Yj JSMSBZM1J6 SUdGdVpDIE J6WlhKMmFX TmwgY3l3Z2 FXNWpiSCBW a2FXNW5JSE 4wIGIyTnJj eXdnYjMgQj BhVzl1Y3l3 ZyBablYwZF hKbGN5IHdn WW05dVpITX MgSUdadmNt VjRMQyBCaG JtUWdiWFYw IGRXRnNJR1 oxYm0gUnpM anhpY2o0MS BMaUJKYm5S bGNtIEZqZE dsMlpTQkMg Y205clpYSn pJRyBseklH dHViM2R1IE lHWnZjaUJw ZEggTWdZV1 IyWVc1aiBa V1FnZEhKaF pHIGx1WnlC MFpXTm8gYm 05c2IyZDVJ RyBGdVpDQn NiM2N0IFky OXpkQ0JqYj IgMXRhWE56 YVc5dSBjeT RnU1hRZ2Qy IEZ6SUc5dV pTQnYgWmlC MGFHVWdabS BseWMzUWdZ bkp2IGEyVn ljeUIwYnkg QnZabVpsY2 lCayBhWEps WTNRZ1lXIE 5qWlhOeklI UnYgSUdkc2 IySmhiQyBC emRHOWpheU JsIGVHTm9Z VzVuWlggTW dZVzVrSUhS diBJR2x0Y0 d4bGJXIFZ1 ZENCaElHTn YgYlcxcGMz TnBiMiA0dF ltRnpaV1Fn IGNISnBZMm x1WnkgQnRi MlJsYkM0OC BZbkkrTmk0 Z1NXIDRnTW pBeE9Td2cg U1c1MFpYSm hZMyBScGRt VWdRbkp2IG EyVnljeUJp WlcgTmhiV1 VnZEdobCBJ R1pwY25OME lHIEp5YjJ0 bGNpMWsgWl dGc1pYSWdk RyA4Z2IyWm 1aWElnIFpH bHlaV04wSU cgRmpZMlZ6 Y3lCMCBieU JqY25sd2RH IDlqZFhKeV pXNWogZVNC MGNtRmthVy A1bkxqeGlj ajQzIExpQl VhR1VnWTIg OXRjR0Z1ZV NCbyBZWE1n WW1WbGJpIE JqYjI1emFY TjAgWlc1MG JIa2djbSBG dWEyVmtJR0 Z6IElHOXVa U0J2WmkgQj BhR1VnZEc5 dyBJR0p5Yj J0bGNuIE1n YVc0Z2RHaG wgSUdsdVpI VnpkSCBKNU xpQkpiaUF5 IE1ESXdMQ0 JwZEMgQjNZ WE1nYm1GdC BaV1FnZEdo bElIIFJ2Y0 NCdmJteHAg Ym1VZ1luSn ZhMiBWeUlH SjVJRUpoIG NuSnZidUtB bVggTWdabT l5SUhSbyBa U0IwWlc1MG FDIEJqYjI1 elpXTjEgZE dsMlpTQjVa VyBGeUxqeG ljajQ0IExp QkpiblJsY2 0gRmpkR2wy WlNCQyBjbT lyWlhKeklH IGhoY3lCaE lITjAgY205 dVp5QmxiWC BCb1lYTnBj eUJ2IGJpQn BiblJsY20g NWhkR2x2Ym 1GcyBJRzFo Y210bGRIIE 1zSUhkcGRH Z2cgYjNabG NpQXhNaiBB Z2JXRnlhMl YwIElHUmxj M1JwYm0gRj BhVzl1Y3lC aCBkbUZwYk dGaWJHIFVn Wm05eUlIUn kgWVdScGJt Y3VQRyBKeV Bqa3VJRlJv IFpTQmpiMj F3WVcgNTVJ R2x6SUhCMS BZbXhwWTJ4 NUlIIFJ5WV dSbFpDQnYg YmlCMGFHVW dUbSBGelpH RnhJSFZ1IF pHVnlJSFJv WlMgQjBhV0 5yWlhJZyBj M2x0WW05c0 lFIGxDUzFJ dVBHSnkgUG pFd0xpQkpi biBSbGNtRm pkR2wyIFpT QkNjbTlyWl ggSnpJR2ho Y3lCaCBJSE 4wY205dVp5 IEJqYjIxdG FYUnQgWlc1 MElIUnZJRy BWa2RXTmhk R2x2IGJpQm hibVFnYjIg Wm1aWEp6SU dFZyBkbUZ5 YVdWMGVTIE J2WmlCeVpY TnYgZFhKal pYTWdkRyA4 Z2FHVnNjQ0 IwIGNtRmta WEp6SUcgbH RjSEp2ZG1V ZyBkR2hsYV hJZ2MyIHRw Ykd4ekxDQn AgYm1Oc2RX UnBibSBjZ2 QyVmlhVzVo IGNuTXNJRz l1YkcgbHVa U0JqYjNWeS BjMlZ6TENC aGJtIFFnWV NCMGNtRmsg YVc1bklITn BiWCBWc1lY UnZjaTQ9Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==